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41 Cards in this Set
- Front
- Back
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Balanced budget equation |
expenses + savings = or lower than income |
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Variable expense/ diff. from fixed expenses |
variable expense can change fixed expense stays the same |
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Maker |
person who creates & signs promissory note & agrees to pay it on a certain date |
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Payee |
the person the promissory note is made payable to
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Bouncing a check causes |
stamped NSF (insufficient funds) and returned to payee's bank, $25+ fee/NSF check processed |
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Purpose of memo on check |
identifying information about check |
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Checkbook register |
booklet used to record checking account transactions |
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Asset |
items of value that a person owns |
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Liability |
money or debts owed to others |
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IRS suggests you keep tax return records for |
3 years |
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Counteroffer |
new offer that changes original offer |
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Certified check |
personal check that the bank guarantees or certifies to be good |
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Cashier's check |
check written by a bank on its own funds |
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money order |
printed order for payment of a specified sum |
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traveler's check |
check forms in specificdenominations that are used instead of cash while traveling |
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stop-payment order |
request that the bank not honor a specific check |
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purpose of trustee |
person/firm that holds/administers property/assets for benefit of third party |
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special account |
checking account that mostly offered to customers who have a small amount of activity in their accounts/month |
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standard account |
checking account that usually has a small-no monthly service fee and no per-check fee |
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money market account |
savings account that offers more competitive interest rate than a regular savings account |
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share account |
savings account representing ownership interest |
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two elements considered in budgeting/planning |
income and expenses |
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floating check |
check written before a deposit has cleared the account |
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net worth statement/use of net worth statement |
liabilites - assets, wealth growth each year/ applying for credit |
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check mark coumn in checkbook register |
check when you have cleared and reconciled the transaction |
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consideration |
something of value exchanged for something else of value |
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capacity |
legal ability of parties to enter into a contract |
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"greatest college" hint: Irish |
Notre Dame |
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overdraft |
check written for more money than your account contains |
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liabilities |
money or debts owed to others |
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budget |
a spending and saving plan based on your expected income and expenses |
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blank |
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demand deposit |
type of bank account from which money may be withdrawn at any time |
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net worth |
liabilites - assets |
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negotiable |
legally collectible, open to modify |
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variable expense |
costs that vary in amount and type, depending on the choices you make |
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contract |
legally enforceable agreement between 2+ people |
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safe deposit box |
place at your bank available to store valuable items or documents |
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check |
written order to bank to pay amount stated to person/business stated |
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disposable income |
money you have left to spend or save after taxes and other deductions (required and optional) are taken |
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fixed expense |
costs that do not change from month to month |
